Student loan interest is on the minds of many as battles have been waging over extending the current interest rate cut (from 6.8% to 3.4%) that is set to expire this summer. Politicians, specifically those with footing in the upcoming election, are working to extend the rate cut for another year.

The question is: Will an extension really save students money?

TIME magazine has concluded that it will not save students much. In the article, “Student Loan Interest Rates: How Congress Can Fix the Student Debt Crisis,” several suggestions outline how the government could better aid students in both their understanding of student loan debt and creating better outcomes for such debt.

Most student loans use an interest method called simple interest. Simple interest means the interest is calculated on the principal balance, or whatever portion of the balance that is unpaid. To learn more about simple interest, visit Math & YOU’s Introduction to Lending. You can also use our Simple Interest Calculator to determine how much interest you will pay on a given student loan amount.